Titan Company (TITAN) — concall transcript

📢 Key Event
Titan's H1 FY25 jewellery margin fell 270 bps YoY to 11.3% due to studded mix shifts and gold price volatility, with H2 expected to improve by 100 bps.

🔄 What Changed
Studded jewellery margin dropped 270 bps YoY; H2 margin guidance raised to 11% to 11.5% with 100 bps improvement expectation; lab-grown diamond strategy remains in pilot phase with no consumer adoption; import duty caused ₹280 crore inventory loss.

🔮 What's Next
FY25 EBIT margin guidance set at 11% to 11.5%, with potential to revert to 11.5% to 12.5% range later; 30-33 new Tanishq stores added in Q2, targeting 40-50 for the fiscal year; CaratLane to add 20 more stores before March.

💡 Investor Takeaway
Shareholders should note margin pressure from studded mix and gold costs, but H2 improvement is expected as demand holds and inventory losses are non-recurring.

Titan Company reported a 270 bps YoY drop in jewellery margin to 11.3% in H1 FY25, driven by studded mix shifts and gold price volatility, though management expects 100 bps improvement in H2. Studded jewellery growth remains strong with double-digit buyer expansion, supported by festive demand and gold price corrections, while lab-grown diamonds show no consumer adoption. Import duty cuts caused a ₹280 crore inventory loss due to upfront duty payments on leased gold. The company added 30-33 new Tanishq stores in Q2 and targets 40-50 for the fiscal year, with CaratLane reaching 301 stores. Margin guidance remains at 11% to 11.5% for FY25, with potential to revert to 11.5%-12.5% later.

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About Titan Company Ltd (TITAN)

Consumer Durables · Diamond, Gems and Jewellery · Listed on BSE

Market Cap: ₹4,50,107.58 Cr P/E: 78.1 ROE: 36.7% ROCE: 20.9% Div Yield: 0.30%

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🔥 Also filed on 30 September 2024

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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